Oppenheimer Holdings Terminates Material Agreement

TL;DR

Oppenheimer Holdings terminated a big deal, filing an 8-K today.

AI Summary

Oppenheimer Holdings Inc. filed an 8-K on September 19, 2024, to report the termination of a material definitive agreement. The filing does not specify the other party to the agreement or the nature of the agreement.

Why It Matters

The termination of a material definitive agreement can signal significant changes in a company's business relationships or strategic direction.

Risk Assessment

Risk Level: medium — Termination of a material definitive agreement can indicate underlying issues or strategic shifts that may impact the company's future performance.

Key Players & Entities

• OPPENHEIMER HOLDINGS INC. (company) — Registrant
• 0000791963-24-000047 (filing_id) — Accession Number
• September 19, 2024 (date) — Report Date
• 85 Broad Street (address) — Business Address

FAQ

Key Financial Figures

• $113,050,000 — ctober 10, 2024 (the "Redemption Date") $113,050,000 aggregate principal amount of the outst
• $6.2 million — s (annualized interest of approximately $6.2 million). See the Company's press release att
• $113 MILLION — HOLDINGS INC. ANNOUNCES REDEMPTION OF $113 MILLION OF 5.50% SENIOR SECURED NOTES DUE 2025

Filing Documents

• opy-20240919.htm (8-K) — 31KB
• 0000791963-24-000047.txt ( ) — 152KB
• opy-20240919.xsd (EX-101.SCH) — 2KB
• opy-20240919_lab.xml (EX-101.LAB) — 21KB
• opy-20240919_pre.xml (EX-101.PRE) — 12KB
• opy-20240919_htm.xml (XML) — 3KB

02 - Termination of a Material Definitive Agreement

Item 1.02 - Termination of a Material Definitive Agreement. On September 19, 2024, Oppenheimer Holdings Inc. (the "Company" or "Oppenheimer") announced that it has delivered to the holders of its 5.50% Senior Secured Notes due 2025 (the "Notes"), a notice of redemption, notifying such holders of the Company's intent to redeem on October 10, 2024 (the "Redemption Date") $113,050,000 aggregate principal amount of the outstanding Notes at a redemption price equal to 100.00% of the principal amount of the Notes to be redeemed (with no pre-payment penalty or premium), plus accrued and unpaid interest thereon to the Redemption Date. The redemption will be conducted in accordance with the terms and provisions of the Indenture, dated as of September 22, 2020, between the Company and The Bank of New York Mellon Trust Company, N.A. as Trustee. Upon completion of the redemption on the Redemption Date, all of the Notes will be redeemed and none will remain outstanding. Subsequent to the redemption, the Company will no longer incur interest expense on the Notes (annualized interest of approximately $6.2 million). See the Company's press release attached hereto as an exhibit for additional details concerning its Notes Redemption. SECTION 9 - FINANCIAL STATEMENTS AND EXHIBITS

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits: The following exhibit is furnished (not filed) with this Current Report on Form 8-K: Exhibit Number Exhibit 99.1 Oppenheimer Holdings Inc.'s Press Release dated September 19, 2024 2

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. Oppenheimer Holdings Inc. Date: September 19, 2024 By: /s/ Albert G. Lowenthal --------------------------------- Albert G. Lowenthal Chairman and CEO (Duly Authorized Officer) 3 EXHIBIT INDEX Exhibit Number Description 99.1 Oppenheimer Holdings Inc.'s Press Release dated September 19, 2024 Exhibit 99.1 OPPENHEIMER HOLDINGS INC. ANNOUNCES REDEMPTION OF $113 MILLION OF 5.50% SENIOR SECURED NOTES DUE 2025 New York, September 19, 2024 - Oppenheimer Holdings Inc. (the "Company" or "Oppenheimer") today announced that it has delivered to the holders of its 5.50% Senior Secured Notes due 2025 (the "Notes"), a notice of redemption, notifying such holders of the Company's intent to redeem on October 10, 2024 (the "Redemption Date") $113,050,000 aggregate principal amount of the outstanding Notes at a redemption price equal to 100.00% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon to the Redemption Date. Upon completion of the redemption, all of the Notes will be redeemed and none will remain outstanding. Albert G. Lowenthal, Chairman and CEO of the Company stated "Oppenheimer's recent financial results and strong balance sheet enable the Company to redeem its outstanding public debt and reduce interest expense in a period of high interest rates. The Company can and will raise additional capital as necessary in the future to continue to grow its business." Company Information Oppenheimer Holdings Inc., through its operating subsidiaries, is a leading middle market investment bank and full service broker-dealer that is engaged in a broad range of activities in the financial services industry, including retail securities brokerage, institutional sales and trading, investment banking (corporate and public financ

Forward-Looking Statements

Forward-Looking Statements This press release includes certain "forward-looking statements" relating to anticipated future performance. For a discussion of the factors that could cause future performance to be different than anticipated, reference is made to "Factors Affecting Forward-Looking Statements'" and "Part 1A – Risk Factors" in Oppenheimer's Annual Report on Form 10-K for the year ended December 31, 2023. For further information, please contact: info@opco.com 4

View Full Filing

View this 8-K filing on SEC EDGAR